Glossary Term – Event

The stock market crashed, prompting the Panic of 1893 and leading to the bankrupting of the United States Treasury. The already weakened economy collapsed as people withdrew deposited funds and banks failed. Exports also declined and unemployment grew.

Glossary Term – Event

Glossary Term – Event

The Panic of 1837 began when state banks collapsed as a result of speculation and the issuance of paper money inflation. The Bank of the United States failed and widespread economic distress and depression ensued for five years.